UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

_X_ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
    Act of 1934


                For the quarterly period ended March 31, 2003

                                       Or

 __      Transition report pursuant to Section 13 or 15(d) of the Exchange Act

                        Commission File Number 000-49781

                          First Security Bancorp, Inc.
       (Exact Name of Small Business Issuer as Specified in Its Charter)

     Kentucky                                               61-1364206
     --------                                               ----------
 (State of other jurisdiction of                         (I.R.S. Employer
  incorporation or organization)                        identification No.)

318 East Main Street, Lexington,  Ky   40507
(Address of Principal Executive Offices)
(859) 367-3700
(Issuer's Telephone Number, Including Area Code)

Check whether the issuer: (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

                       _X_ Yes ___ No

The number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date: Common stock, no par value - 1,479,566
shares outstanding as of May 13, 2003.

Transitional Small Business Disclosure Format (check one):
                     ___ Yes   X _No_




FIRST SECURITY BANCORP, INC.
TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements
           Consolidated Balance Sheets........................................2
           Consolidated Statements of Income..................................2
           Consolidated Statement of Changes in Shareholders' Equity..........2
           Consolidated Statements of Cash Flow...............................3
           Notes to Consolidated Financial Statements.........................4
Item 2. Management's Discussion and Analysis or Plan of Operation............11
Item 3. Controls and Procedures

PART II - OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K....................................18








<PAGE>

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

                          First Security Bancorp, Inc.
                     Consolidated Balance Sheets (Unaudited)
                                  (in thousands)
<TABLE>
<CAPTION>
Assets
<S>                                        <C>                    <C>                  <C>
                                           March 31,              December 31,         March 31,
                                             2003                     2002               2002
                                             ----                     ----               ----


Cash and due from banks                   $  3,423                 $  4,744            $ 6,085
Federal funds sold                          14,120                    4,069                 32
                                          --------                 --------             ------
         Total cash and cash equivalents    17,543                    8,813              6,117
Securities available for sale               41,237                   43,046             45,163
Loans held for sale                          2,865                    3,390                 --
Loans                                      160,189                  167,458            155,908
         Less allowance for loan losses     (2,570)                  (2,459)            (1,679)
                                          ---------               ---------           --------
Net loans                                  157,619                  164,999            154,229
Federal Home Loan Bank stock                   750                      742                545
Leasehold improvements, premises
         and equipment net                   7,851                    7,932              7,822
Accrued interest receivable                  1,108                    1,176              1,259
Other assets                                 1,242                      988                840
                                          --------                ---------           --------
         Total Assets                     $230,215                 $231,086           $215,975
                                           =======                  =======            =======

Liabilities and Shareholders' Equity

Liabilities
         Deposits
  Non-interest bearing                    $ 19,713                 $ 20,478           $ 16,091
  Time deposits $100,000 and over           51,708                   50,255             51,235
  Other interest bearing                   120,175                  118,222            117,054
                                         ---------                ---------          ---------
         Total Deposits                    191,596                  188,955            184,380
Repurchase agreements and
         short term borrowing                4,608                    8,211              8,981
Federal Home Loan Bank Advances             14,157                   14,517              4,829
Accrued interest payable                       607                      578                788
Other liabilities                              315                      361                 30
                                         ---------                ---------          ---------
         Total Liabilities               $ 211,283                $ 212,622          $ 199,008


Shareholders' Equity

Common stock, no par value                   8,457                    8,385              8,385
Paid-in Capital                              8,457                    8,385              8,385
Retained earnings                            1,555                    1,432                543
Accumulated other comprehensive
   income                                      463                      262               (346)
                                          --------                ---------           --------
         Total Shareholders' Equity         18,932                   18,464             16,967
                                          --------                ---------           --------
Total Liabilities and Shareholders'Equity $230,215                 $231,086           $215,975
                                           =======                  =======            =======
</TABLE>

                          First Security Bancorp, Inc.
                           Consolidated Statements of
                               Income (Unaudited)
                     (in thousands, except per share data)
                                                      Three Months Ended
                                                           March 31,
                                                  2003                 2002
                                                  ----                 ----
Interest Income
         Loans, including fees                   $2,647             $ 2,752
         Securities - taxable                       196                 326
         Securities - non-taxable                   126                 159
         Federal funds sold                          10                  11
         Other                                       10                   6
                                                  -----               -----
                                                  2,989               3,254

Interest Expense
         Deposits                                 1,339               1,800
         Other                                      159                  89
                                                  -----               -----
                                                  1,498               1,889
                                                  -----               -----
Net Interest Income                               1,491               1,365

Provision for loan losses                           145                 157
                                                  -----               -----
Net interest income after
         provision for loan losses                1,346               1,208

Non-Interest Income
         Service charges and
           fees on deposits                         183                 125
         Gain on sale of loans                      241                   -
         Other                                       36                  39
                                                 ------              ------
                                                    460               $ 164
Non-Interest expense
         Salaries and
           employee benefits                        854               $ 587
         Occupancy and equipment                    272                 214
         Data processing                             53                  38
         Advertising                                 40                  47
         Professional fees                           48                  37
         Taxes other than payroll,
           property and income                       22                  49
         Other                                      390                 220
                                                  -----               -----
                                                  1,679               1,192
                                                  -----               -----
Income before income taxes                          127                 180
         Provision for income taxes                  (4)                (20)
                                                  -----               -----
         Net income                             $   123             $   160
                                                  =====               =====

Weighted average shares common outstanding:
         Basic                                    1,460               1,456
         Diluted                                  1,640               1,493

Earnings per share
         Basic                                    $ .08              $  .11
         Diluted                                  $ .08                 .11


                          First Security Bancorp, Inc.
            Consolidated Statement of Changes In Shareholders' Equity
                           (Unaudited) (in thousands)
<TABLE>
<CAPTION>
<S>                        <C>      <C>              <C>          <C>           <C>             <C>

                                                                                Accumulated
                                                     Additional                 Other            Total
                           --Common Stock--          Paid-In     Retained       Comprehensive    Shareholders'
                           Shares   Amount           Capital     Earnings       Income (Loss)    Equity

Balance January 1, 2003    1,456    $ 8,385          $ 8,385      $1,432         $   262         $ 18,464

Net Income                     -          -                -         123               -              123

Stock warrants exercised      14         72               72           -               -              144

Net change in unrealized gain (loss)
     on securities available for sale net
     of tax effects                       -                -          -              201              201

                         -------   --------         --------    --------         --------        --------
Balance March 31, 2003     1,470    $ 8,457          $ 8,457      $1,555          $  463         $ 18,932
                            ====      =====            =====      =====            =====           ======

</TABLE>

                          First Security Bancorp, Inc.
                      Consolidated Statements of Cash Flows
                           (Unaudited) (in thousands)
                                                        Three Months Ended
                                                             March 31,
                                                          2003      2002
                                                          ----      ----
Cash flows from Operating Activities:
Net income                                               $123      $ 160
Adjustments to reconcile net income to net
  cash from operating activities
         Depreciation                                     121        102
         Amortization and accretion on available
            for sale securities, net                        9         63
         Provision for loan losses                        145        157
         Federal Home Loan Bank Stock dividends            (8)        (6)
         Originations of loans available for sale     (19,428)         0
         Proceeds from sale of loans                   20,194          0
         Gains on sale of mortgage loans                 (241)         0
         Change in assets and liabilities:
                  Accrued interest receivable              68       (126)
                  Other assets                           (254)        (9)
                  Accrued interest payable                 29        (44)
                  Other liabilities                      (148)      (534)
                                                      --------    -------
Net cash from operating activities                        610       (237)

Cash flows from investing activities
         Net change in loans                            7,235     (3,502)
         Activity in available for sale securities
                  Maturities, calls,
                     and principal repayments           3,989      1,837
                  Purchases                            (1,886)   (14,784)
                  Sales                                     0          0
         Leasehold improvements and net purchases
             of premises and equipment                    (40)      (268)
                                                       -------    -------
                Net cash from investing activities      9,298    (16,717)

Cash flows from financing activities
         Net change in deposits                         2,641     15,636
         Net changes in repurchase agreements
            and short-term borrowings                  (3,603)    (3,976)
         Proceeds from Federal Home Loan Bank advance       -      2,500
         Payments on Federal Home Loan Bank advances     (360)        (7)
         Stock warrants exercised                         144          -
                                                       ------    -------
         Net cash from financing activities            (1,178)    14,153
                                                       ------    -------
Net change in cash and cash equivalents                 8,730     (2,801)

Cash and cash equivalents at beginning of period        8,813      8,918
                                                       ------    -------
Cash and cash equivalents at end of period            $17,543    $ 6,117
                                                       ======     ======
Supplemental Disclosure of Cash Flow Information:
         Cash paid during the period for:   Interest    1,469      1,933

                                            Income Taxes  260        450


                    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

     The accounting and reporting policies of First Security Bancorp,  Inc. (the
"Company")  and its  wholly-owned  subsidiary, First Security Bank of Lexington,
Inc. (the "Bank")  conform to Generally  Accepted Accounting  Principles  in the
United  States of  America. The significant policies are described below.

     The Bank is a Kentucky corporation  incorporated to operate as a commercial
bank under a state bank charter. The Bank generates  commercial,  mortgage,  and
installment loans, and receives deposits from customers located primarily in the
Fayette County, Kentucky area. The majority of the Bank's income is derived from
lending  activities.  The  majority of the Bank's  loans are secured by specific
items of collateral including business assets, real estate, and consumer assets,
although  borrower cash flow may also be a primary  source of repayment.  All of
the Bank's  operations  are  considered by management to be aggregated  into one
reportable operating segment.

     Operating  Segments:  Internal financial  information is primarily recorded
and  aggregated in two lines of business,  banking and mortgage  banking.  While
management  monitors the revenue  streams of the various  products and services,
the  identifiable  segments  are not  material  and  operations  are managed and
financial  performance is evaluated on a Company-wide  basis.  Accordingly,  all
financial  service  operations  are  considered  by  management to be aggregated
within one reportable operating segment.

     The  accompanying  unaudited  consolidated  financial  statements have been
prepared in accordance  with  accounting  principles  generally  accepted in the
United  States  of  America  for  interim  financial  information  and  with the
instructions for  Form  10-QSB. Accordingly,  they  do  not  include  all of the
information and footnotes required by accounting  principles  generally accepted
in the United  States of  America  for  complete  financial  statements.  In the
opinion of management, all adjustments (consisting of normal recurring accruals)
considered  necessary  for a fair  presentation  have been  included.  Operating
results for the  three-month  period  ending March 31, 2003 are not  necessarily
indicative  of the results that may be expected for the year ended  December 31,
2003.

     Compensation  expense under Company stock option  arrangements  is reported
using the intrinsic value method. No stock-based  compensation cost is reflected
in net income,  as all options granted had an exercise price equal to or greater
than the  market  price of the  underlying  common  stock at date of grant.  The
following  table  illustrates the effect on net income and earnings per share if
expense was measured  using the fair value  recognition  provisions of Financial
Accounting  Standards  Board  Statement  No. 123,  Accounting  for Stock-Based
Compensation.


                                                     Three months ended
                                                         March 31,
                                           (in thousands, except per share data)
                                                        2003          2002
                                                        ____          ____

Net income as reported                                  $ 123         $ 160
Deduct: Stock-based compensation expense
 determined under fair value based method                (121)          (45)
                                                        _____          _____
Pro forma net income                                    $   2         $ 115
                                                        =====           ====

Basic earnings per share as reported                   $  .08        $  .11
Pro forma basic earnings per share                         --           .08

Diluted earnings per share as reported                 $  .08        $  .11
Pro forma diluted earnings per share                       --           .08


NOTE 2 - SECURITIES
<TABLE>

The  amortized cost and fair  value of  available  for sale  securities  and the
related unrealized holding gains and losses were as follows:
<CAPTION>
<S>                                         <C>               <C>               <C>             <C>

                                            Gross             Gross             Gross
                                            Amortized         Unrealized        Unrealized       Fair
                                            Cost              Gains             Losses           Value
                                            --------------    --------------    -------------    ------
                                                              (in thousands)
Available for Sale


March 31, 2003
         U. S. Government and federal agency       $2,079                7            $   -    $   2,086
         State and municipal                       14,059              506              (19)      14,546
         Mortgage-backed                           24,411              194                -       24,605
                                                   ------              ---             -----      ------
         Total debt securities                   $ 40,549            $ 707            $ (19)    $ 41,237
                                                   ======              ===             =====      ======
December 31, 2002
         U. S. Government and federal agency       $1,009              $ 8                 -      $1,017
         State and municipal                       14,072              241              (62)      14,251
         Mortgage-backed                           27,580              200               (2)      27,778
                                                   ------             ----             -----      ------
         Total debt securities                   $ 42,661            $ 449           $ (64)     $ 43,046
                                                   ======             ====             =====      ======
</TABLE>

     Securities pledged at March 31, 2003 and year-end 2002 had carrying amounts
of $5.4  million  and $4.8  million,  respectively,  and were pledged to secure
customer repurchase  agreements and advances from the Federal  Reserve  Discount
window.

NOTE 3 - LOANS

Loans at March 31, 2003 and December 31, 2002 consisted of the following:

                                            March 31, 2003     December 31, 2002
                                           --------------    ------------------
                                                    (in thousands)
Commercial                                       $ 42,712             $ 48,159

Mortgage loans on real estate:
         Commercial                                64,061                64,025
         Residential                               17,110                17,871
         Construction                              21,696                20,664
         Home Equity                                9,821                10,180
         Consumer credit card                         727                   885
         Consumer                                   4,062                 5,674
                                                  -------               -------
                                                $ 160,189             $ 167,458
                                                  =======               =======
<PAGE>

Changes in the allowance for loan losses were as follows:

                                                    Three Months Ended
                                                         March 31,
                                                      (in thousands)

                                                      2003       2002
                                                      ----       ----
Beginning balance                                 $  2,459    $ 1,538
         Loans charged off                             (43)       (18)
         Recoveries                                      9          2
         Provision for loan losses                     145        157
                                                    ------     ------
Ending balance                                    $  2,570    $ 1,679
                                                    ======     ======


NOTE 4 - EARNINGS PER SHARE

Earnings per share were computed as follows:

                                                     Three Months Ended
                                                          March 31,
                                          (in thousands, except per share data)
                                                      2003               2002
                                                       ----              ----

Basic
         Net Income                                   $ 123             $ 160
         Weighted average common shares outstanding   1,460             1,456

Basic earnings per common share                        $.08              $.11

Diluted
         Net Income                                    $123              $160
         Weighted average common shares outstanding   1,460             1,456

         Add: Dilutive effects of assumed
            exercises of stocks warrants and options    180                37
                                                  ---------         ---------
         Average shares and dilutive potential
            common shares                             1,640             1,493
                                                      =====             =====
Diluted earnings per common share                      $.08             $ .11

NOTE 5 - Stock Options

     The company  maintains a stock option plan whereby certain employees of the
Company are eligible to receive  incentive stock options.  The Plan is accounted
for in  accordance  with  Accounting  Principles  Board  Opinion  (APB) No.  25,
"Accounting for Stock Issued to Employees",  and related interpretations.  Under
the Plan,  a maximum  of 200,000  shares of the  Company's  common  stock may be
issued  through the  exercise  of these  options.  The option  price is the fair
market value of the  Company's shares at the date of the grant.  The options are
exercisable  in five to ten  years  from  the  date of  grant  and  vest  either
immediately or over a five-year period.

     During  the  first  quarter  of 2003  the  Company  awarded  each  external
(non-employee)  member of the Board of Directors one thousand  (1,000)options to
purchase  shares of the Company's  common  stock.  These options were granted in
recognition  of  services  to the  company  in lieu of  directors  fees  for the
preceding  year and were  established  at an exercise price of $19.55 per share,
which  equaled  the most  recent  market  price of the stoock at the date of the
grant. An aggregate of twenty-two thousand (22,000) options were granted at that
time.

NOTE 6 - Acquisition

     On June 3,  2002,  the Bank  acquired  certain  assets  of  First  Mortgage
Company,   Inc.("First  Mortgage"),  in  Lexington,   Kentucky.  First  Mortgage
originated  mortgage  loans for sale into the  secondary  market.  The  purchase
agreement included a purchase price of up to $476,000,  $69,000 of which was due
at closing.  The remainder of the purchase price is payable  contingent upon the
earnings of the  mortgage  division  of the Bank over the next four  years.  The
agreement also requires the Bank to enter into a four-year  employment agreement
with First Mortgage's former shareholder and president at a salary level similar
to that of other executives of the Bank.


Part I Item 2.

Management's Discussion and Analysis of Plan of Operation

General

     The Bank is a commercial  banking  corporation  organized under the laws of
the Commonwealth of Kentucky,  and is a wholly-owned  subsidiary of the Company.
The Bank offers a variety of products  and  services  through  four full service
offices  including the  acceptance  of deposits for  checking,  savings and time
deposit  accounts;  extension of secured and  unsecured  loans to  corporations,
individuals  and  others;  issuance  of letters  of  credit;  and rental of safe
deposit boxes. The Bank's lending  activities  include commercial and industrial
loans, real estate,  installment,  and other consumer loans and revolving credit
plans.  Operating revenues are derived primarily from interest and fees on loans
and from  interest on investment  securities.  The Bank also engages in mortgage
banking activities originating loans for sale in the secondary market.

     During  the first  quarter of 2003,  the  employment  of the  Bank's  Chief
Financial  Officer and Controller was terminated  (Refer to Part II, Item 6). An
interim  consultant  was  retained to assist with the daily  operations,  and in
April 2003, the Company and the Bank hired to a Chief Financial Officer.

     The Company has made,  and may  continue to make,  various  forward-looking
statements with respect to credit quality (including  delinquency trends and the
allowance  for loan  losses),  corporate  objectives  and  other  financial  and
business  matters.   When  used  in  this  discussion  the  words  "anticipate,"
"project," "expect," "believe," and similar expressions are intended to identify
forward-looking statements. In addition to factors disclosed by the Company, the
following factors, among others, could cause actual results to differ materially
from such  forward-looking  statements:  Pricing  pressures  on loan and deposit
products; competition; changes in economic conditions both nationally and in our
market;  the  extent  and  timing  of  actions  of the  Federal  Reserve  Board;
customers'  acceptance  of our products and  services;  the extent and timing of
legislative  and  regulatory  actions and reforms;  and other factors  disclosed
periodically  in  the  Company's   filings  with  the  Securities  and  Exchange
Commission.

     Because of the  risks  and   uncertainties   inherent  in   forward-looking
statements,  readers of this  report on Form 10-QSB are  cautioned  not to place
undue  reliance on such  statements,  whether  included  in this  report or made
elsewhere from time to time by the Company or on its behlaf. The Company assumes
no obligation to update any forward-looking statements.

Overview

     The  mission  of the  Bank is to  firmly  establish  itself  in  Lexington,
Kentucky as a  full-service  bank  providing  traditional  products and services
typically  offered by commercial  banks. The Lexington  banking market is highly
competitive with 19 commercial banks and thrift  institutions  currently serving
the  market.  Most of the banks in  Lexington  are part of larger  bank  holding
companies  headquartered  outside of the  Lexington / Fayette  County market and
Kentucky.  Promoting  local  management  has  proven  effective  for the Bank in
attracting customers,  fostering loyalty and establishing and maintaining strong
asset quality.

Result of Operations

Net Income

     Net income for the three  months  ended March 31, 2003 was  $123,000,  down
from  $160,000  for the same  period in 2002.  The  decline in net income in the
first  quarter  of  2003 as  compared  to the  first  quarter  of 2002  resulted
primarily  from  decreases in investment  income and  increases in  non-interest
expenses.

Net Interest Income

     The  Company's  principal  source of revenue is net  interest  income.  Net
interest income is the difference  between  interest income on  interest-earning
assets,  such as loans and securities,  and the interest  expense on liabilities
used to fund those assets, such as interest-bearing deposits and borrowings. Net
interest  income is impacted by both  changes in the amount and  composition  of
interest-earning  assets  and  interest-bearing  liabilities  as well as  market
interest rates.

     The change in net interest  income is typically  measured by changes in net
interest spread and net interest  margin.  Net interest spread is the difference
between the average  yield on  interest-earning  assets and the average  cost of
interest-bearing  liabilities. Net interest margin is determined by dividing net
interest income by interest-earning assets.

     Net interest income was $1.491 million for the three months ended March 31,
2003 compared to $1.365 million in 2002, resulting in an increase of $126,000 or
9.23%.  The increase in net interest  income was  primarily the result of volume
increases in earning assets. Net interest margin declined to approximately 2.74%
for the quarter  ended March 31, 2003 versus  2.78% for the quarter  ended March
31,  2002.  Net  interest  spread  increased to 2.32% for the three months ended
March 31,  2003 from  2.27% for the same  period in 2002.  Net  interest  margin
decreased  due to the  reinvestment  of  maturities  and paydowns of  investment
securities and loans into highly liquid,  lower yielding  federal funds sold and
other U.S. Government and Agency obligations. Net interest spread increased as a
result of rates paid on deposits  decreasing  faster than the decrease in yields
on interest bearing assets.

Non-Interest Income and Expense

     Other non-interest income increased from $164,000 to $460,000 for the three
months ended March 31, 2002, as compared to the same period in 2003.  Components
of other non-interest income include service charges,  fees on deposit accounts,
gain on sale of loans, gains on sale of securities, and other fees. The increase
from 2002 to 2003 in non-interest income is a result of the $241,000 of gains on
sale of loans  held for sale and solo  through  the  Bank's  mortgage  division.
Management  anticipates  that service  charge  income on deposit  accounts  will
continue to grow  commensurate  with the Bank's  deposit base and as a result of
the introduction of a new checking product.

     Total non-interest  expense increased from $1,192,000 to $1,679,000 for the
three  months  ended March 31, 2002 as compared to the same period in 2003.  The
primary cause of the increase in non-interest expense were increases in salaries
and benefits and occupancy and equipment  expenses  relating to the operation of
the Bank's mortgage banking division (see Note 6).

     Salaries and benefits  increased from $587,000 to $854,000 for three months
ended  March 31,  2003 as  compared  to the same  period in 2002.  The number of
full-time  equivalent  employees  increased  from 41 at March 31, 2002, to 61 at
March 31, 2003. Staffing levels increased as a result of the continued expansion
of customer services and the acquisition of First Mortgage.

     Occupancy and equipment expenses,  net of rental revenue, were $214,000 and
$272,000  for the three months  ended March 31,  2002,  and 2003,  respectively.
Building  lease  revenue was down from $ 62,000 to $20,000 for the three  months
ended March 31,  2002 as  compared to the same period in 2003.  The decline is a
result of the Bank  subleasing  its old main  office  facility  for a portion of
2002.

Financial Condition

     Total  assets  decreased  slightly  during the quarter from $231 million at
December  31,  2002  to  $230.2  million  at  March  31,  2003.  However,  on  a
year-to-year basis, total assets increased approximately 6% from $216 million at
March 31, 2002 to $230 million at March 31, 2003.

     Earning  assets  increased  from $216.2  million as of December 31, 2002 to
$219.4 million as of March 31, 2003. Net loans  decreased from $165.0 million as
of December  31, 2002 to $157.6  million as of March 31,  2003.  Total  deposits
increased  from $189.0  million as of December 31, 2002 to $191.6  million as of
March 31, 2003.

Investment Securities

     The Bank's investment  portfolio  consists of state and municipal bonds and
mortgage-backed  bonds.  The amortized cost of investment  securities  decreased
from $43.0  million as of  December  31,  2002 to $40.5  million as of March 31,
2003. The decrease in investment  securities was a result of principal  paydowns
on  mortgage-backed  securities and payments on state and municipal  securities.
These amounts were invested in federal funds sold until April 2003 when the Bank
purchased an additional $8 million of investment securities.

Loans

     Net loans  decreased  $7.4 million  from $165.0  million as of December 31,
2002, to $157.6  million as of March 31, 2003. The decline was a result of large
commercial  paydowns in the first quarter of 2003.  Most of these  paydowns were
expected.  As of December 31, 2002 and March 31, 2003,  approximately 66% of the
Bank's loan portfolio was in loans to commercial  businesses and commercial real
estate borrowers.  Loans in the consumer sector of the portfolio, which includes
consumer mortgage and other consumer loans,  comprised  approximately 34% of the
portfolio as of the end of both periods. The Bank desires increased  penetration
within the consumer  loan market and believes  its new branch  locations  should
help build new customer relationships.

Allowance and Provision for Loan Losses

     The  provision  for loan losses was  $157,000  and $145,000 for the periods
ending March 31, 2002, and 2003 respectively.  Year to date net charge-offs were
$34,000  for the three  months  ended  March 31,  2003 and $16,000 for the three
months ended March 31, 2002.  The  allowance  for loan losses to total loans was
1.60% as of March 31, 2003 as  compared to 1.47% at December  31, 2002 and 1.08%
at March 31, 2002.

     The level of  non-performing  loans is an  important  element in  assessing
asset  quality  and  the  relevent   risk  in  the  Bank's   credit   portfolio.
Non-performing loans include non-accrual loans, loans delinquent 90 days or more
and  restructured  loans.  Loans are classified as non-accrual  when  management
believes  that  collection of interest is doubtful,  but for which  principal is
considered  collectible.  A loan is defined as impaired  when full payment under
the  terms  is  not  expected.   Impaired  loans  also  include   troubled  debt
restructurings.  Impairment  is  evaluated  on an  aggregate  basis for  smaller
balance loans of similar nature such as residential mortgage and consumer loans,
and on an  individual  basis for larger  balance  commercial  loans.  The Bank's
policy is to charge off all or a portion of an impaired loan upon  determination
that it is probable the full amount will not be collected. As of March 31, 2003,
nonperforming  assets  totalled  $5.2  million  compared  to $6.3  million as of
December 31,  2002.  Non-performing  assets as a  percentage  of total loans was
3.28% at March 31, 2003 as compared to 3.75% at December 31, 2002.  The decrease
was due to an increased effort by management to collect on delinquent loans.

     Included  in  non-performing  assets  are loans that are  considered  to be
troubled debt restructurings in the amount of approximately $3.3 million.  These
loans to a  troubled  franchise  restaurant  operator  were  restructured  as of
December  31, 2002 in an effort by the Bank to gain  additional  security in the
form of cash,  liens  on  business  assets  and  certain  franchise  rights  and
mortgages. However, there can be no assurance as to the value of such additional
collateral,  nor  assurance as to the immunity of the Bank's  security  position
from challenges in the event of a bankruptcy proceeding involving such borrower.

     The  allowance  for loan losses is regularly  evaluated by  management  and
reported quarterly to the Board of Directors. Management maintains the allowance
for loan losses at a level believed to be sufficient for probable  losses in the
portfolio  at a point in time.  Management's allowance for loan losses  estimate
consists of specific and general  reserve  allocations  as influenced by various
factors.  Such  factors  include  changes in lending  policies  and  procedures;
underwriting standards; collection,  charge-off and recovery history; changes in
national and local economic business conditions and developments; changes in the
characteristics  of the portfolio;  ability and depth of lending  management and
staff;  changes in the trend of the volume and severity of past due, non-accrual
and classified loans;  troubled debt restructuring and other loan modifications;
and results of regulatory examinations.

     During the second  half of 2002,  in an effort to  improve  its  collection
process and loan review, the Bank hired a Chief Credit Officer, a Credit Manager
and an independent  consultant to perform  reviews of loans. As a result of this
increased  attention and increased effort to analyze credit risk and collateral,
a few loans have  received a downgrade on their risk ratings.  These  downgrades
have led to additional  provisions to the allowance for loan losses.  Management
believes this process has been effective and that no further provisions for loan
losses  related to these  loans are  necessary  based on  information  currently
available.

     To  evaluate  the loan  portfolio,  management  has also  established  loan
grading  procedures.  These  procedures  establish  a grade  for each  loan upon
origination  which is periodically  reassessed  throughout the term of the loan.
Grading categories include prime, good, satisfactory,  fair, watch, substandard,
doubtful, and loss. Specific allowance allocations are calculated for individual
loans having been graded watch or worse based on the specific  collectability of
each loan. Loans graded watch or worse also include loans severely  past-due and
those not accruing  interest.  Loss  estimates are assinged to each loan,  which
results  in a  portion  of the  allowance  for  loan  losses  to be specifically
allocated to that loan.

     For loans not individually graded and assigned loss estimates, as described
above,  a general  allowance  allocation  is computed  using totals of each loan
grading category (reduced by loans fully secured by certificates of deposit with
the Bank and accounts  receivable  financing with established  reserve accounts)
multiplied by an estimated loss factor applied to each grading category. The sum
of the calculation for each grading category  represents the general  allowance.
These  loss  factors  are  typically  developed  over  time  using  actual  loss
experience adjusted for the various factors discussed above.

     Management  believes  the  allowance  for loan losses at March 31, 2003 was
adequate.  Although the Bank believes it uses the best information  available to
make allowance  provisions,  future  adjustments  which could be material may be
necessary if the assumptions  used to determine the allowance differ from future
loan portfolio performance.

Deposits and Other Borrowings

     The deposit base  provides  the major  funding  source for earning  assets.
Total  deposits  increased by $2.6  million from  December 31, 2002 to March 31,
2003.  Deposits have grown at historically  consistent levels.  Interest-bearing
demand deposits were up from 10.3% of total deposits as of December 31, 2002, to
11.0% of total deposits as of March 31, 2003.

     The table below  illustrates the Bank's deposits by major  categories as of
March 31, 2003 and December 31, 2002;

DEPOSITS
                                                  March 31,        December 31,
                                                      2003                2002
                                                      ----                ----
                                                          (in thousands)

Interest-bearing demand deposits               $ 21,102               $ 19,472

Savings deposits                                 21,418                 20,634

Time deposits less than $100,000                 77,655                 78,116

Time deposits $100,000 and over                  51,708                 50,255
                                               --------               --------
         Total interest-bearing deposits        171,883                168,477

         Total noninterest-bearing deposits      19,713                 20,478
                                               --------               --------
                  Total                       $ 191,596              $ 188,955
                                               ========               ========

Liquidity

     Liquidity  management is the process by which management attempts to ensure
that adequate  liquid funds are  available to meet  financial  commitments  on a
timely basis.  These  commitments  include  withdrawals by  depositors,  funding
credit  obligations  to  borrowers,  servicing  long-term  obligations,   paying
operating  expenses,   funding  capital  expenditures  and  maintaining  reserve
requirements.  Liquidity is monitored closely by the Asset/Liability  Management
Committee of the Bank Board of  Directors,  which  monitors  interest  rates and
liquidity  risk  while  implementing   appropriate  funding  and  balance  sheet
strategies.

     The Bank has  established  a limited  number of  alternative  or  secondary
sources to provide  additional  liquidity  and  funding  sources  when needed to
support lending activity or other liquidity  needs.  These  alternative  funding
sources  currently  include  unsecured  federal  funds lines of credit from five
correspondent banks aggregating  approximately $24 million; a secured repurchase
agreement line of credit from a  correspondent  bank based upon the market value
of pledged securities;  and a secured repurchase  agreement  arrangement with an
agency of the  Commonwealth of Kentucky.  Additionally,  the Bank is a member of
the Federal Home Loan Bank of  Cincinnati  which allows the Bank to borrow based
on the level of qualifying  residential loans which serve as collateral for this
type of borrowing.  At March 31, 2003,  the Bank could borrow an additional  $27
million based on available collateral.

     The Bank had total short-term borrowings of $22.7 million and $18.8 million
as of December 31, 2002, and March 31, 2003,  respectively.  Borrowings at March
31, 2003 were in the form of  customer  repurchase  agreements  in the amount of
$4.6  million,  and  Federal  Home Loan  Bank  advances  in the  amount of $14.2
million. The need for future borrowing arrangements above current levels will be
evaluated by management with consideration  given to the growth prospects of the
loan portfolio,  liquidity needs, costs of deposits, market conditions and other
factors.  Short-term  liquidity  needs for  periods of up to one year may be met
through  federal funds lines of credit  borrowings and  short-term  Federal Home
Loan Bank  advances.  The Federal  Home Loan Bank  additionally  offers  advance
programs of varying maturities for terms beyond one year.

Capital

     Regulatory  agencies measure capital adequacy within a framework that makes
capital  requirements,  in part,  dependent on the  individual  risk profiles of
financial institutions.  Total capital as of December 31, 2002 was $18.5 million
or 8.00% of  assets.  Total  capital  as of March 31,  2003  increased  to $18.9
million or 8.22% of assets.

     The Company and the Bank exceed the regulatory requirements for all capital
ratios. The Company intends to maintain a capital position that meets or exceeds
the "well-capitalized" requirements as defined by these regulations by exploring
opportunities to raise new capital or moderate growth rates at levels sustaining
a well capitalized position.  In addition to capital regulations,  state banking
regulations  limit the Bank's ability to pay dividends  without prior  approval.
Under these regulations, the Bank may pay dividends in any calendar year only to
the extent of current  year's net profits  plus the  retained net profits of the
preceding  two years and not in excess of the balance of retained  earnings then
on hand. The Company also has regulatory limits on dividends, but these are less
restrictive.  The Company does not anticipate  paying  dividends to shareholders
for the next several years as any earnings generated will be retained to support
future growth opportunities.

Part I. Item 3.

Controls and Procedures

     Company  management,  including the Chief  Executive  Officer and the Chief
Financial  Officer,   has  conducted  an  evaluation  of  the  effectiveness  of
disclosure controls and procedures  pursuant to Exchange Act Rule 13a-14.  Based
on that evaluation,  the Chief Executive Officer and the Chief Financial Officer
have  concluded  that the  disclosure  controls and  procedures are effective in
ensuring that all material  information  required to be filed in this  quarterly
report has been made  known to them in a timely  fashion.  Notwithstanding  such
conclusion, it should be noted that the Company's former Chief Financial Officer
and Assistant Controller were terminated on March 2, 2003. The Company's current
Chief  Financial  Officer  was hired on April 7, 2003.  While there have been no
significant  changes in internal controls  subsequent to the date that the Chief
Executive  Officer and the Chief Financial Officer completed their evaluation of
such  controls,  the fact  that the  Company  operated  approximately  one month
without a Chief Financial Officer may have an impact on the effectiveness of the
Company's  internal  controls  during the period  from March 2, 2003 to April 7,
2003.

Part II - Other Information

Item 6. Exhibits and Reports on Form 8-K

        (a) Exhibits

            The exhibits listed on the Exhibit Index of this Form 10-QSB are
            filed as a part of this report.

        (b) Reports on Form 8-K

            A report on Form 8-K dated February 24, 2003 was filed by the
            registrant reporting the registrant's earnings for the year ending
            December 31, 2002.

            A report on Form 8-K dated March 10, 2003 was filed by the
            registrant reporting the termination on March 2, 2003 of the
            employment of Chief Financial Officer, Ben A. New.

            A report on Form 8-K dated April 22, 2003 was filed by the
            registrant reporting John G. Sullivan had been named Chief Financial
            Officer and Executive Vice-President effective April 7, 2003.

                                   SIGNATURES

     In accordance with the requirements of the Exchange Act , the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Date:  May 14, 2003                     First Security Bancorp, Inc.

                                        By:/s/John S. Shropshire
                                        ________________________
                                        John S. Shropshire
                                        President and Chief Executive Officer

Date:  May 14, 2003                     By:/s/John G. Sullivan
                                        ______________________
                                        John G. Sullivan
                                        Chief Financial Officer and
                                        Executive Vice-President


   CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION

I, John S. Shropshire, certify that:

1)   I have reviewed this quarterly report on Form 10-QSB of First Security
     Bancorp, Inc.;

2)   Based on my knowledge, this quarterly report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

3)   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

4)   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a)   designed such disclosure controls and procedures to ensure that material
     information relating to the registrant, including its consolidated
     subsidiaries, is made known to us by others within those entities,
     particularly during the period in which this quarterly report is being
     prepared;

b)   evaluated the effectiveness of the registrant's disclosure controls and
     procedures as of a date within 90 days prior to the filing date of this
     quarterly report (the "Evaluation Date"); and

c)   presented in this quarterly report our conclusions about the effectiveness
     of the disclosure controls and procedures based on our evaluation as of the
     Evaluation Date;

5)   The registrant's other certifying officers and I have disclosed, based on
     our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalent function):

a)   all significant deficiencies in the design or operation of internal
     controls which could adversely affect the registrant's ability to record,
     process, summarize and report financial data and have identified for the
     registrant's auditors any material weaknesses in internal controls; and

b)   any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal
     controls; and

6)   The registrant's other certifying officers and I have indicated in this
     quarterly report whether or not there were significant changes in internal
     controls or in other factors that could significantly affect internal
     controls subsequent to the date of our most recent evaluation, including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.


Date: May 14, 2003                        By:  /s/ John S. Shropshire
                                          ___________________________
                                          John S. Shropshire
                                          Chairman, President, and CEO

CERTIFICATION

I, John G. Sullivan, certify that:

1)   I have reviewed this quarterly report on Form 10-QSB of First Security
     Bancorp, Inc.;

2)   Based on my knowledge, this quarterly report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

3)   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

4)   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a)   designed such disclosure controls and procedures to ensure that material
     information relating to the registrant, including its consolidated
     subsidiaries, is made known to us by others within those entities,
     particularly during the period in which this quarterly report is being
     prepared;

b)   evaluated the effectiveness of the registrant's disclosure controls and
     procedures as of a date within 90 days prior to the filing date of this
     quarterly report (the "Evaluation Date"); and

c)   presented in this quarterly report our conclusions about the effectiveness
     of the disclosure controls and procedures based on our evaluation as of the
     Evaluation Date;

5)   The registrant's other certifying officers and I have disclosed, based on
     our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalent function):

a)   all significant deficiencies in the design or operation of internal
     controls which could adversely affect the registrant's ability to record,
     process, summarize and report financial data and have identified for the
     registrant's auditors any material weaknesses in internal controls; and

b)   any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal
     controls; and

6)   The registrant's other certifying officers and I have indicated in this
     quarterly report whether or not there were significant changes in internal
     controls or in other factors that could significantly affect internal
     controls subsequent to the date of our most recent evaluation, including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Date:  May 14, 2003                             By:/s/ John G. Sullivan
                                                _______ _______________
                                                John G. Sullivan
                                                Chief Financial Officer and
                                                Executive Vice-President

                                  EXHIBIT INDEX

Exhibit 11.       Statement Regarding Computation of Per Share Earnings
                  (see Note 4 "Earnings Per Share" in the Notes to Consolidated
                  Financial Statements in Part I, Item 1 of this Report for such
                  computation)


Exhibit 99.1      Certification of Principal Executive Officer Pursuant to
                  18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of
                  the Sarbanes-Oxley Act of 2002

Exhibit 99.2      Certification of Principal Financial Officer Pursuant to the
                  18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of
                  the Sarbanes-Oxley Act of 2002.

Exhibit 99.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the accompanying Form 10-QSB of First Security Bancorp,  Inc.
for the quarter ended March 31, 2003,  I, John S.  Shropshire,  Chief  Executive
Officer  of  First  Security  Bancorp,  Inc.,  hereby  certify  pursuant  to  18
U.S.C.Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002, that:

(1) Such Form 10-QSB for the quarter ended March 31, 2003 fully complies with
the requirements of section 13(a) or 15(d) of the Securities Exchange Act of
1934; and

(2) The  information  contained in such Form 10-QSB for the quarter  ended March
31, 2003 fairly presents, in all material respects,  the financial condition and
results of operation of First Security Bancorp, Inc.


Date:  May 14, 2003.                      By:/s/ John S. Shropshire
                                          _________________________
                                          John S. Shropshire
                                          Chief Executive Officer



Exhibit 99.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the accompanying Form 10-QSB of First Security Bancorp,  Inc.
for the quarter  ended March 31,  2003,  I, John G.  Sullivan,  Chief  Financial
Officer  of  First  Security  Bancorp,  Inc.,  hereby  certify  pursuant  to  18
U.S.C.Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002, that:

(1) Such Form 10-QSB for the quarter ended March 31, 2003 fully complies with
the requirements of section 13(a) or 15(d) of the Securities Exchange Act of
1934; and

(2) The  information  contained in such Form 10-QSB for the quarter  ended March
31, 2003 fairly presents, in all material respects,  the financial condition and
results of operation of First Security Bancorp, Inc.


 Date:  May 14, 2003.                   By:/s/ John G. Sullivan
                                        _______________________
                                        John G. Sullivan
                                        Chief Financial Officer